- Crypto lawyer debunks the SEC’s RLUSD unregistered status allegation.
- Ripple is set to launch the RLUSD on multiple exchanges on Tuesday.
- RLUSD’s launch triggers bullish sentiment in XRP’s price.
Crypto lawyer Bill Morgan has said the SEC’s claim of an infraction by Ripple for issuing the RLUSD stablecoin is incorrect. According to Morgan, Ripple disregarded the statement and worked around it to achieve its goal. He noted that neither the market nor anybody else cares about the SEC’s allegation because RLUSD is now regulated.
Morgan made the statement on X while replying to a user who asked about the implication of the SEC’s stand despite the NYDFS approval. The user pointed to the SEC’s statement from last April, which called RLUSD an unregistered crypto asset. Morgan said Ripple is moving ahead with the project, even if the SEC meant its statement as a warning.
Ripple Announces RLUSD Stablecoin After Regulatory Approval
In the meantime, following regulatory approval, Ripple announced the launch of RLUSD on Tuesday, December 17, citing the listing of the new stablecoin across multiple crypto exchanges, including MoonPay, Uphold, CoinMENA, Bitso, and ArchaxEx.
Ripple described the RLUSD as an enterprise-based USD-denominated stablecoin created with trust, utility, and compliance at its core. Ripple’s president, Monica Long, believes the stablecoin’s launch marks a new chapter for the XRP Ledger and Ripple. In a recent post on X, Long noted that Ripple will implement the RLUSD in its over $70 billion payments flows.
Read also: Ripple’s RLUSD Stablecoin Approved, XRP Climbs 15% This Week
RLUSD Launch Boosts XRP Price and Sentiment
Meanwhile, the upcoming RLUSD launch has boosted XRP’s bullish sentiment, with the crypto asset gaining over 6.5% in the early hours of Tuesday. Many crypto analysts believe the development will trigger another phase in XRP’s bullish trend, potentially pushing the innovative cryptocurrency to a new all-time high.
XRP traded at $2.5850 at the time of writing. It recovered from a 35% drop during the current bull run. The all-time high for XRP is $3.3170, reached in January 2018. Many analysts expect XRP to break that level and reach new highs during this bull cycle.
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